Binance Coin (BNB) has achieved a significant milestone by overtaking the market capitalizations of global giants Nike and DoorDash, according to data from Binance Square and 8marketcap. This shift highlights the growing influence of cryptocurrency network effects compared to traditional brand value accumulation. BNB, launched in 2017 as Binance's utility token, now approaches the market caps of Interactive Brokers and MicroStrategy.
The surge is propelled by $660 million in institutional capital injections, including a $500 million convertible note deal by Nano Labs and a $160 million acquisition bid from BNC. Currently trading at $795, BNB has gained over 15% this month, hitting all-time highs of $800 on July 23 and $844 five days later.
Analyst Ali Martinez notes BNB's price structure mirrors Bitcoin's early bull patterns, forecasting a potential rally to $1,200. The BNB Chain ecosystem shows robust activity, with top 20 NFT collections trending green and PancakeSwap's CAKE token rising 10% monthly due to increased platform usage. While Binance emphasizes this milestone's symbolic importance for crypto adoption, it reports no immediate spillover effects on other cryptocurrencies.